On the tail end of Victoria's Secret much-hyped 2011 runway show, we're hearing news that the retailer is planning a different kind of extravaganza. The underthings peddler is buying up a lot more space at 2 Herald Square in New York, with plans to more than triple the size of its current 34th Street store. It'll be a cornucopia of panties.

Image courtesy of Opera

The new Victoria's Secret flagship will likely cost many millions of dollars to complete, and cost $750 in rent per square foot of the 66,000-square-foot superstore. That means the annual rent will approach a mind-blowing $600 million a year. But there are some big plans to construct an in-store catwalk, so it's obviously totally worth it.